Question

Which is the most accurate list of mercantilism rules?

choices
i. Collect gold and silver.
ii. Import more goods than what one exports.
iii. Provide raw materials to colonies.
iv. Sell manufactured goods from colonies to the mother country.
i. Collect gold and silver.
ii. Export more goods than what one imports.
iii. Have the colonies provide raw materials.
iv. Sell manufactured goods from the mother country to colonies.
i. Sell gold and silver.
ii. Import more goods than what one exports.
iii. Sell raw materials to colonies.
iv. Provide manufactured goods to colonies.
i. Sell gold and silver.
ii. Ex

Answer 1

The right answer is:

• Collect gold and silver.

• Export more goods than what one imports.

• Have the colonies provide raw materials.

• Sell manufactured goods from the mother country to colonies.

The main characteristics of mercantilism that explain the answer above are:

1. Defend the accumulation of precious metals as the main way of obtaining wealth. This concept was used mainly in Spain, during the reign of the Catholic kings Fernando of Aragon and Isabel of Castile. This practice coincided exactly with the period when the Spaniards brought enormous quantities of precious metals from their colonies of America.

2. This practice was adopted by the French under the influence of Jean-Baptiste Colbert and was characterized by the incentive to the manufacturing development as a way to attract foreign currency and, consequently, wealth. It also advocated a policy of limiting internal spending.

3. Favorable trade balance than the theory that the sum of a state's trade transitions should be positive, ie the volume of goods sold should be higher than the volume of goods purchased.

Answer 2

The most accurate list of Mercantilism rules are;

i)it should collect gold and silver,

ii) it should export more goods than one what import,

iii)it should have colonies providing raw material,

iv) it should sell manufactured goods from mother counties to colonies.,

Further Explanation:

Mercantilism is derived from the Latin word mercans, which means buyer. This system was adopted to trigger the trade regulation to gain more and more wealth. Though it is considered outdated today but was very much prevalent in 18th century and was the main reason behind colonization. Evolution of colonies became very prevalent during that era. Colonies were providing raw material to the mother country and then these raw materials were sold back to colonies as finished product. This concept helped mother countries to store more and more wealth.

Theory was based on the belief that wealth is limited and one nation can become wealthy only on the cost  of other nation. The first country to adopt this system on a mass scale was England during Elizabethan era. Trade andNavigation Act was introduced in the Parliament of the Britain by Queen Elizabeth to protect navy and for the promotion of shipping. Many other European countries also adopted the theory for their economic benefits. One of is France under region of King Louis XIV under the guidance of Jean Baptiste Colbert, who was the Controller General of Finance at that time (1665-1683)  

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Answer Details:

Grade: High school

Subject: History  

Chapter: Colonization

Keywords:Mercantilism,mercans, colonization, England Trade and Navigation Act, Parliament, King Louis XIV, Jean Baptiste Colbert, Controller General of Finance, Queen Elizabeth,European